‘Earth is our only shareholder’: Patagonia’s billionaire family transfers retailer’s entire ownership to climate-change efforts

Giving 1% of profits each year and cajoling others to do the same to help save the Earth that Patagonia’s customers regularly explore is no longer enough.

Almost 50 years after its 1973 founding, billionaire Yvon Chouinard and his family will surrender all ownership of the privately held outdoor clothing retailer, valued at about $3 billion, to two entities that will divert profits toward combating climate change and protecting undeveloped land, the former rock climber-turned-executive said in a letter Wednesday.

Chouinard, his wife and two adult children have transferred their...